Amends the Internal Revenue Code to expand and clarify which conservation-related subsidies are treated under the tax rule by explicitly including subsidies provided by public utilities, storm water management providers, and State or local governments for water, stormwater, and wastewater measures. The change adds definitions for the covered measures and for the terms "public utility" and "storm water management provider," makes clerical adjustments, and establishes an effective date and a non-inference rule.